Hunton Andrews Kurth Advises Underwriters on $337,783,000 Offering of Senior Secured Recovery Bonds, Series 2021-A

Hunton Andrews Kurth LLP acted as counsel to the structuring advisor and underwriters on an SEC-registered offering of $337,783,000 aggregate principal amount of Senior Secured Recovery Bonds, Series 2021-A (the Bonds) by SCE Recovery Funding LLC, as “Issuing Entity”, a special purpose entity, wholly-owned by Southern California Edison Company (SCE), as sponsor and depositor. The Bonds were sold pursuant to a financing order issued by the California Public Utilities Commission. The Bond proceeds will be used to purchase recovery property from SCE. In accordance with the financing order, SCE will use the proceeds to reimburse itself for previously incurred recovery costs, including the retirement of related debt, relating to investments for wildfire risk mitigation. This transaction is the first utility securitization pursuant to a statute adopted in California to address costs with wildfires.

The Hunton Andrews Kurth team included Michael Fitzpatrick, Adam O’Brian, Michelle G. Chan and Mae Ji. Jason Harbour assisted with certain bankruptcy advice, Shawn Regan and Matthew Brooker assisted with certain constitutional law matters, Eric Nedell assisted with certain UCC/security interest matters, and Cary Tolley, Anna Page and Emily Benedict provided tax advice